President Energy lifts group output, widens FY loss
Source - SMW
President Energy has lifted its FY group production and posted a wider pretax loss for the 12-month period.
Group production increased 3% to 506 boepd, from 490 boepd in 2015. It had since increased in 2017 by 117%, having reached about 1100 boepd in April.
Turnover was $9.9m, marginally down from the prior year's $10.1m and reflecting lower oil prices.
"Turnover in the first five months of 2017 is ahead of the comparative period in 2016," the company said.
Its FY pretax loss was $20.5m, from a loss of $18.7m.
Looking ahead, President Energy said it had entered 2017 in a healthy state and production, after a slow start, in the spring broke through the 1100 boepd barrier.
"A workover programme continues and whilst it is too early to say anything concrete, the Group continues to target 1,200 bopd from Argentina by end September," the company said.
"The new acquisition in Louisiana is performing as expected and steps are being taken to market Paraguay for farm-out."
It added that in Argentina, in particular, the macro business environment continued to strengthen and stabilise under the pro-business Government of President Macri.
"As an established operator in Argentina with a healthy balance sheet and track record, President is well positioned to take advantage of opportunities to grow by way of acquisition of existing production and development assets and we are actively considering several alternatives in this regard."